As others have already commented, it's strange that the super fund is not named. Shouldn't members be made aware that the fund's contact centre acted inappropriately? Given that the advice was deemed personal - isn't there a rather important breach of SoA requirements here?
Unfortunately, the difference between general and personal advice is shades of grey. If anyone attempts to look through the legislation, you can see that is is impossible to clearly state where one stops and the other starts.
Every day I read newsletters and commentators make what can only be described as personal financial recommendations, under the guise of "general advice". It's a large problem that is difficult to tackle, and frankly, I don't think that it will be tackled. There's simply too much bias by industry participants, regulators and legislators.
FIB's - fees, independence and bias - are rampant in financial services, but somehow the spotlight is always shone on financial advisers, rather than the regulators and institutions.
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